All Forum Posts by: Josh Edelman

Mid term rentals are a great option in this city as the legislation with AirBnB is ongoing and makes it difficult, plus competition with Casinos. MTRs are great as we have many traveling professionals who only are here for several months at a time. For example my mortgage is $1600 but I charge $2900/mo for my rent. 

Anyone else doing this or doing something different in Las Vegas?

 Wish it was that price here. Just called several businesses. $10-15k in Las Vegas

I just had brand new tenant move in. HVAC has been running great the past three years since I bought the home...until I get a call day 2 of my new tenants moving in. 

I got a technician out there, long story short I need to replace my HVAC. I have a 1724 sq ft home in Las Vegas. He is quoting me at $12K for a new 5 ton unit and labor. Is this typical? Thanks!

Real Estate Update

Some data points for March 2023 

Median Sales Price: $430,000

New Listings: 2,298 (down 29% compared to March last year)

Days on Market Until Sale: 29

Months Supply of Inventory: 2.4

What does "Months Supply of Inventory" mean? It represents the number of months it would take to sell all homes currently on the market at the current pace of sales. A balanced market is typically around 6 months of inventory, so a lower number represents a seller's market with limited inventory.•

Lee Canyon Ski Resort has been sold to Mountain Capital Partners. Season-pass holders will be eligible for reciprocal days at other Mountain Capital resorts, and the new owners are expected to invest in capital improvements at Lee Canyon and retain the leadership team and support staff.•

Mirage is offering free parking and other benefits to Nevada residents who sign up for the Mirage-Hard Rock Unity Rewards card. Locals can avoid driving on the Strip by accessing the casino off Spring Mountain Road.•

Spirit Airlines announces non-stop service between Charleston, South Carolina, and Las Vegas starting on September 7. There will be five round-trip flights per week, making it the only non-stop service between Vegas and Charleston. Special introductory fares will start at $99 one way for travel from Sept. 7 through Oct. 18.•

Vegas Golden Knights: The Vegas Golden Knights beat the Seattle Kraken by a score of 3-1 in the last game of the regular season to win the Pacific Division title for the third time in the six-year history of the team. They earned the number-one seed in the Western Conference with a record of 111 points for the season. The first round of the playoffs start next week, and Vegas will face the wild-card Winnipeg Jets on Tuesday and Thursday at T-Mobile, having the home-ice advantage.•

In a unanimous vote, the Nevada Department of Transportation's Board of Directors loosened up the high-occupancy-vehicle lanes running through Las Vegas. All traffic can use the HOV lanes outside minimal periods of 6-8 a.m. and 4-6 p.m. Monday through Friday. The Board might reconsider the decision, opting for completely eliminating the lanes or turning them into express lanes, but that will take another study period of around two years.

Why not rent out your property and make some money? Even if you're only paying off the mortgage, you'll still sell it at a profit eventually. And if you're up for managing the property and dealing with tenants for some extra cash flow, why not give it a shot? It's a win-win situation!

Consider renting it out as a means of generating income. Even if you only pay down the principal, eventually you'll sell the property and earn a profit. If you can manage the property and earn potential monthly income with some extra effort, why not take advantage of the opportunity?

I did it in Vegas - the home across the street I bought and needed 60k down payment. I took a HELOC out of my first property (my primary residence) to fund the second property. I moved into the second property and rented out the first. Let me know if you have any questions!

Well, it's not a simple answer, and there are some things you need to consider before making the switch. I'd talk to a lawyer who knows about estate planning and asset protection to get some advice on whether it's a good idea for your specific situation.

If you do decide to make the switch, you need to be prepared for some legal requirements and paperwork. You'll need to file new deeds, update title insurance, and maybe even get some approvals from local government. Plus, you may end up owing more in taxes, so you should talk to a tax expert too.

Overall, it's possible to transfer your rental property to an LLC for asset protection, but it's important to do it right and get some advice before you make any moves.

@Anna Freitag How are things working out so far? Any luck?

I do! I have a rental in centennial hills and rent it out to traveling nurses/military/professionals. I make $3000 renting it out, the mortgage is $1500 plus the utilities so I am profiting $1000/mo. Ain't bad! Let me know what questions you have. Been a learning process for sure.